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Nairobi Securities Exchange
The Nairobi Securities Exchange reacted positively to the Court ruling upholding William Ruto’s victory as it gains KES 42bn on Monday 5th September’s trading session. The best performer was Longhorn which rose 8.2% and the worst performer was EA Portland down -8.3%.
In today’s early morning trading session, KPLC leads the gainers at 9.8%, with 571,000 shares traded worth KES 3.18bn. Flame Tree Group has lost .69% so far in today’s trading session. KenGen leads the overall volumes traded with 706,100 shares traded worth KES 24.47bn.
Global Markets
Asia
Funds in Hong Kong have cut exposure to China stocks and opened new positions in American companies or Southeast Asia. The Hang index continued a 3-day bearish trend closing the day at 19226.47. Hong Kong 50 index rose 0.92%. In India, Sensex index rose 0.75% and Nifty index rose 0.70%. Japan’s Nikkei closed strongly at 27691.76 after a four day bearish streak.
Europe
The energy crisis in Europe revives the EU common borrowing discussion. Europe’s power producers are sliding into a liquidity crisis despite selling electricity at record prices. EU50 closed strongly at 3477.6 and UK100 closed strongly at 7276.2 after a 10-day downtrend. DE30 was down -2.21% for the day.
European stocks open higher in today’s trading, with retail and autos among the best performing sectors in the Stoxx Europe 600 Index as investors continue to monitor the response by leaders to the energy crisis ahead of the European Central Bank policy meeting later this week.
US
The stock market dumped into the daily market close on Friday. The dump caught traders off guard as most expected an upward move following the unemployment rate increase. The unemployment rate came in at 3.7%, higher than the 3.5% forecast. SPX closed the day at 3924.27, a -2.7% drop. NDQ closed at 12098.44, a -2.8% drop. QQQ dropped -3.39%. Markets resume today after closing yesterday for Labor Day.
US Futures climbed higher ahead of today’s trading session.
Key Events Today
S&P Global Composite PMI Final (AUG). 16:45 EAT
S&P Global Service PMI Final (AUG). 16:45 EAT
ISM Non-Manufacturing PMI (AUG). 17.00 EAT
Earnings
Notable earning reports today:
Armstrong Flooring Inc (AFIIQ)
Your Cannabis Brands Inc (YOURF)
China Finance Online (JRJCY)
Crypto
Bitcoin moved 2% on Monday 5th September indicating how bad buyer and seller exhaustion is as the crab movement continues. Traders are waiting for a break of the $ 19500-20500 range to develop a substantial bias on the market direction. However, BTC might hold this range a little longer than expected. The daily chart on BTC looks good for now. If we hold current prices ($ 19800 area) a move to the upside in the coming days will be in play. A swing failure pattern is observed on the hourly chart. If it plays out we could see an aggressive move to the downside soon. A liquidity grab below the bottom of the range might happen to trigger SLs. We could potentially see a decent bounce at around $ 19300-19450.
ETH continues to dominate the market as buyers stack up ETH as we head into the merge. It could turn out to be a sell event. ETHBTC is strong, an indication that alts are likely to run if BTC rallies a bit. Alts that traders are eyeing, ADA, ATOM, DOT. However, there is potential bearish divergence forming on ETHBTC daily chart. USDT.D looks weak on the daily. Today’s daily close for USDT.D is crucial. If it loses the 10ema on the daily, which it has been using as support we should see a good move on BTC.
Resistance levels BTC
19904 – 20049 area. Resistance zone
20400. Top of the range
20876. Daily level resistance
21407. Naked weekly point of control
21887. Daily level resistance
Support levels BTC
19726-19664 area. Support zone
19500. Bottom of the range
18894. Daily level support
17542. Weekly level support
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